About your Search

20121101
20121130
STATION
KQEH (PBS) 12
LANGUAGE
English 12
Search Results 0 to 11 of about 12 (some duplicates have been removed)
a will surpass those fom hurricanes irene and katrina. although there are countlessse businesses hurt, others could see a boost.se erika miller reports. >> reporter: when you consider the massive amounts of flooding, downed treesand damage to transportation networks, it could takandays-- if not weeks,i to tally up the financial costs from the storm. but already there are predictions sandy will be thets most expensive clean-up in u.s. history. the mt serious damage appears to be caused by flooding along the east coast. according to economic tracking firm i.h.s. global insight, property damage will lielyly surpass $20 billion. add to that as much as $30 billion in lost business, and the total financial toll could end up being close to $50 billion. hotels, stores, airlines, and restaurants have lost business they won't get back. insurance companies will have tu make big payouts, which will likely mean hiher insurance premiums for customers down the road. here in new york city, commerce has been crippled. and power is not expected to be restored in many areas until next week. i.h.s. global predic
lists of policies and often their wish lists of policies, after hurricane katrina there was a meeting at the heritage foundation just two weeks after the storm hit. parts of the city were still under water and there was a meeting and "the wall street journal" reported from it and the heading was 31 free market solutions for hurricane katrina and you go down the list and it was -- don't re-open the public schools. replace the public schools with vouchers and drill for oil in anwar and the arctic national wild life reserve and what kind of free market solutions are these? here you have a crisis that was created by a collision between heavy weather which may or may not have been linked to climate change and what climate change looks like and colliding with weak infrastructure because of years and years of neglect. let's get rid of the infrastructural together and drill for the oil which is the root cause of climate change. that's their shock doctrine, and i think it's time for people shock. >> people shock? >> which we've had before, if you think about 1929 and the market shock and the w
in the wake of a major disaster. so it's probably no surprise that back in 05, hurricanes katrina and rita drained the fund and plunged the program $18 billion into debt. it's debt congress planned ton forve, bufohasn't yet. that leaves the program on poor financial footing with only about $4 billion worth of fundsh available for claims related to sandy. >> from what i've seen, this could be a $5 billion to $10 billion flooding event, so more than likely, the program will have to go to congress to get additional borrowing authority. >> reporter: former program administrator david maurstad says the program will probably have to turn to congress for help paying claims. >> it's still an obligation that our government said we're going to have this program-- "you buy a policy, we're going to take care of it."dm and i have every confidence t believe that that will happen. there will be some mechanics that will be involved, possibly, depending on how large of an event this turns out to be. >> reporter: what could be a bigger problem are the number of people affected who don't have flood insurance
of problems. we leared with katrina. we leedned with irene. we started with much larger cash supplies than we normally would have, and we've been able to manage that cash suly at a much higher level than we have right now than w ve everr had before. >> tom: have you been able to replenish the cash supplies in those a.t.m. machines in a timely manner? >> we have been able to replenish. obviously, there will be an a.t.m. here or there that has a problem, that runs out of cash. there are lines at many of these a.t.m.s in the difficult areas, but even as the longest time, it's within the same day it's replenished. we d have story where's we move cash from one branch to the other to help the branches keep cash. we've beefed up the security force toking in throughout the tristate area. >> tom: frank, let me pull back a littleri bit from the day-to-day operations and i know you're focused on that. you have waived some bank fees for those affected customers in the region. is that going be much of an impact when you talk about the fourth quarter business? >> i don't see this impact our fourth quarter
badly damaged system? >> well, ihink you're absolutely right, ray. look, people warned katrina that new orleans needed to be able to withstand a category 5. they didn't design the levees to withstand it and we see what happened. now we see the same thing with sandy. i think the hope has to be at sandy isn't short for cassandra and that it's another warning that we ignore. absolutely people nat have seen that you c in fact have the worst-case scenario, which was flooding of the lower manhattan and i think any city along the eastern sea board has ask-to-ask themselves what would happen if us?icane sandy hit >> suarez: well, how do we price risk, then, into the decisions we make both publicly and privately. should there with b places in new jersey, in new york, where insurance companies say "we for you toto pay rebuild right there"? where the cost of doing so becomes higher and maybe prohibitive for some people? >> there probably should be, yes, because the alternative is we kp enticing people to place more and more of theip value, weal in more of their fragile co-systems or fragile areas
and michael brown at the time of katrina. barack obama rebuilt it. and we are seeing it it work and respond. >> woodruff: do you think the storm could be making that much of a difference. >> i think the perception and you see activity and you see the chris's christie thing. peop are saying why is christie doing this, for his awn mattal ambitions. >> i don't think there is anyt ng like that when young ernor of a state,e a state you love that i in your heart and soul you feel an intense sense of stewardship. and when it gets wallopped by the storm the poll particulars seems irrelevant at this iint. and as christie saihi i don't care about the politics. if he is going to help me with my state, he is going to help the people of my state, then i'm grateful and i will work with him. so i think it is as simple as that. and i think he has been perfectly willing to hold the view that he'sot a good steward of the economy, not good on budget negotiations but he's good on this. and we worked together on this. i don't think that is politically inconsistent. but nonetheless, asot a-- about where the ele
, swiss re actually warned us of an east coast storm like sandy in 2006. after hurricane katrina, swiss re's head of catastrophe perils, andy castaldi, worried aloud about warming seas and more violent storms in the gulf. but, he told me: >> i'm also concerned about the new york bay and long island would be inundated by a flood, due to a category 3 storm. a storm surge could completely flood the airport at jfk. 13 feet of sea water is not out of or to 17 feet is not out of the question. >> reporter: so the blue is sandy's storm surge. we interviewed castaldi again last week, after sandy. >> that's the footprint of the storm surge that was produced by the superstorm sandy, as you can see in the center of the screen is john f. kennedy airport. now i'm going to toggle back to the coastal flood map that we had prior to the storm and you can see just about the same areas as the sandy footprint we knew was exposed to a storm surge. >> reporter: six years ago, you said that you thought that climate change was a major factor in recent storm activity. do you think that more today? >> i can't really
Search Results 0 to 11 of about 12 (some duplicates have been removed)

Terms of Use (10 Mar 2001)